As a resident of Aurora, Ontario, property taxes are an important part of your yearly expenses. Here's what you need to know:
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What are Property Taxes? Property taxes are a yearly fee that homeowners pay to their local government. This fee goes towards paying for local services such as schools, roads, parks, libraries, police, and fire services.
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How are Property Taxes Calculated? The amount of property taxes you pay is calculated based on the assessed value of your home and the tax rate set by the town of Aurora. The assessed value is determined by the Municipal Property Assessment Corporation (MPAC), which is an independent organization that assesses the value of all properties in Ontario.
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What is the Tax Rate in Aurora? The tax rate in Aurora is set each year by the town council. The rate is determined by the budget for the upcoming year and how much money is needed to pay for all of the services provided by the town.
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When are Property Taxes Due? In Aurora, property taxes are due on the following dates.
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What Happens if I Don't Pay my Property Taxes? If you don't pay your property taxes, the town of Aurora can take action to collect the outstanding amount. This may include a late payment charge, adding a lien on your property, or even selling your property to pay off the debt.
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Are There Any Exemptions or Rebates Available? Yes, there are several exemptions and rebates available for Aurora residents. For example, senior citizens and low-income residents may be eligible for a reduction in their property taxes. The town of Aurora also offers a Homeowner Grant, which provides a reduction in property taxes for eligible homeowners.
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Can I Appeal my Property Tax Assessment? Yes, you can appeal your property tax assessment if you believe it is incorrect. The MPAC has a process in place for appealing assessments, and you can find more information on their website.
Property taxes are an important part of being a homeowner in Aurora, Ontario. Understanding how they work, how they are calculated, and what exemptions and rebates are available can help you budget effectively and minimize your yearly expenses.
Posted by Frank Polsinello on
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